08:35:26 EDT Sat 20 Jul 2024
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Pacific Bay Minerals Ltd (4)
Symbol PBM
Shares Issued 30,971,584
Close 2024-03-05 C$ 0.035
Market Cap C$ 1,084,005
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Pacific Bay stakes Sphinx Mountain project in B.C.

2024-03-06 11:04 ET - News Release

Mr. Reagan Glazier reports


Pacific Bay Minerals Ltd. has staked the Sphinx Mountain rare earth elements project, situated in Northern British Columbia, approximately 50 kilometres northeast of Dease Lake.

Previously owned by Pacific Bay, a 2011 work program designed to follow up on anomalously high British Columbia Geology Survey (BCGS) data involving stream sediment samples identified, confirmed and expanded, with resulting concentrations as high as 1.19 per cent TREE (total rare earth elements) and 0.83 per cent TREE in stream sediment samples. Additional samples in the area returned exceptionally high values (0.48 per cent TREE and 0.42 per cent TREE) over 3.5 km away, with limited to no cover/exploration in between samples.

A future program this summer will aim to cover the area with mapping, prospecting and geophysics, all to gain a comprehensive understanding of the region and define drill targets.

Reagan Glazier, chief executive officer and president, stated, "We're excited at the opportunity to explore for these critical minerals, expanding on the noteworthy discovery with low-impact and cost-efficient processes."

About Pacific Bay Minerals Ltd.

Pacific Bay currently has a portfolio of properties in British Columbia, including the Haskins Reed, 30 km east of the Cassiar townsite, Wheaton Creek and Weaver Lake projects, along with the newly added Sphinx Mountain project. Short-term focus will be spent on exploring the projects and identifying new targets within the highly prospective regions for both precious and transitional metals.

Note: TREE is expressed as the summation of cerium (Ce) plus lanthanum (La) plus praseodymium (Pr) plus neodymium (Nd) plus samarium (Sm) plus europium (Eu) plus gadolinium (Gd) plus terbium (Tb) plus dysprosium (Dy) plus holmium (Ho) plus erbium (Er) plus thulium (Tm) plus ytterbium (Yb) plus lutetium (Lu) plus yttrium (Y).

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by David Bridge, PGeo, a consultant of the company, who is a qualified person as defined in National Instrument 43-101.

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